“We’re offering finance that can be applied for and approved very quickly and efficiently by submitting an application form online or downloading it and sending it to us.

“We are already well entrenched in the SME market for secured lending, but there is a big opportunity [for] lending to customers who don’t have security but have good cash flow to support the loans.

“With the two offerings, it almost covers the spectrum. If you’re a strong cash flow business, you can talk to 365 Capital, and if you’re a well asset-backed business, then Assetline can look after you.”

Kevin Heydt will head 365 Capital as managing director. He brings to the role more than 20 years of global finance experience, having worked in Sydney, London and New York for Rand Merchant Bank, EDF Trading and Allco Finance Group.

Mr Heydt said he is looking forward to growing the new company into a significant player in the short-term SME lending space.

“I’ve known the guys at Assetline for some time and I’ve admired the way they built that business, and we see this as just a massively untapped area,” he told Mortgage Business.

“We’re not doing this as a pure fintech play – we see the technology as an enabler. We’re using technology to streamline the business. We’re using technology to automate decisions.

“But at its core it is a lending business, and as a result we’ve really gone for experience. The head of risk and credit in this business is a guy called Jim Drake, who has been in SME lending for over 20 years, having worked at GE and Westpac.”